Bitcoin falls further – Biggest downturn since March
Bitcoin slides to $16,300, representing losses of more than $3,000 in the last 24 hours
Bitcoin (BTC) continues to slide today, 26 November, with selling pressure now causing the biggest loss since March.
More than US$3,000 loss in 24 hours
As the data from Cointelegraph Markets and TradingView show, the crash of the market leading crypto currency could not be stopped by support at $17,000 either, taking the downturn loud Immediate Bitcoin to an interim low of $16,300.
At the time of going to press, Bitcoin had climbed back up to US$16,800, but the price continues to fluctuate. With the recent losses, a fresh downward trend continues, which only started on Wednesday morning, after the price had previously climbed to 19,500 US dollars .
The large crypto exchange OKEx had announced during the day that they had released their payouts. Ki Young Ju, founder of the market research portal CryptoQuant, then discovered that there are increased outflows from OKEx towards wallets and other crypto exchanges.
„OKEx’s Bitcoin outflows to other crypto exchanges amounted at that time to 493 BTC“, as Ju writes on Twitter. And further:
„83% of all total outflows went to wallets that are not part of crypto exchanges. This could be a good sign in the long run“.
The logic behind the analyst’s conclusion is that investors are apparently increasingly choosing to hold their crypto assets for the long term rather than selling them.
Planned crypto-regulation has an additional negative effect
However, there are other negative reports for Bitcoin. Coinbase CEO Brian Armstrong believes that the US government is planning new regulatory requirements for crypto-wallets, which could have far-reaching consequences. Armstrong expects the worst:
„If these regulatory requirements are actually implemented, it would be very bad and have a lasting negative effect on the US market. Imagine if in the early days of the Internet we had made the same regulations for online companies as for telephone companies. Fortunately, nobody did.“